The Federal Reserve chairman, Jerome Powell, beat the drums for more coronavirus (COVID-19) aid in Congressional testimony last week. Additionally, admonitions came aplenty. The $3 trillion Congress has already spent is not enough, the Fed head said. Of course, what all this new debt might mean for your grandchildren’s taxes was not discussed.

He warned the House Financial Services Committee that recent economic gains were at risk if Congress pulled back too quickly on aid for workers and businesses struggling due to COVID-19. That spending appears to have boosted hiring and consumer spending in recent weeks, Mr. Powell said, but ‘it would be wise to look at ways to continue to support people who are out of work and also smaller businesses.” Some 25 million American workers are currently unemployed.

The chairman reiterated the Fed would keep rates near zero at least through 2022 and that the unemployment rate would average around 9%-10% during the last three months of this year. If COVID-19 remains “reasonably well under control,” Powell expects the economy could already be moving toward a recovery marked by large increases in re-employment. Still, in the final phase, Americans must get comfortable again in activities involving close contact or large crowds. “U...

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